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Be wary of BOA Deed in Lieu Offers!!! They just may be a trap.

It appears BOA is using the language “Foreclosure prevention” as a means to offer cash for keys in the manner of Deed in Lieu.

Be wary of BOA deed in lieu offers that DO NOT waive the deficiency judgment.

Be wary of accepting these BOA deed in lieu’s when you have an open 2nd mortgage also in default….this DIL will not cover the second.

For those who are forced into a position(judgment issued against you) of having to leave the fight…. I would consider a Short Sale.

A short sale is much better than a Deed in Lieu, as it changes the course of a borrower’s future credit score. Also, 2nd mortgages are also negotiated in the process, not leaving an outstanding balance.

I am happy to discuss the ever evolving short sale process and of course the foreclosure fighting strategies that exist.

Basically, you must make it VERY hard to foreclose, offer evidence, fabricate assignments and endorsements….this will buy you time. At the end of the day, either a Loan Mod or a Short Sale can be achieved and this is a better alternative than Foreclosure. Of course, complete debt extingishment and/or Damages for fraud are a best case scenario….however, it seems only those who don’t ask for such a measure get it.